The Worldwide Cost of Living Index has found that the average cost of living is up by eight percent around the world. But which are the world’s most expensive cities to live in?
The study looked at the cost of over 200 products and services in 172 cities around the globe to find the most expensive.
New York was named the most expensive city in the world for the first time. A meal in a cheap restaurant in the city is around 25 dollars (£20).
The price of a latte from Pret a Manger in New York is £5.39 while a chicken salad sandwich comes in at £10.99 (prices from Uber Eats).
The same items are £3.65 and £4.99 on Uber Eats from a London Pret a Manger, making New York a pricey holiday for a British tourist.
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“The war in Ukraine, Western sanctions on Russia and China’s zero-Covid policies have caused supply chain problems that, combined with rising interest rates and exchange-rate shifts, have resulted in a cost-of-living crisis around the world,” said Upsana Dutt, head of worldwide cost of living at the EIU.
She said: “We can clearly see the impact in this year’s index, with the average price rise across the 172 cities in our survey being the strongest we’ve seen in the 20 years for which we have digital data.
“The rise in petrol prices in cities was particularly strong but food, utilities and household goods are all getting more expensive for city-dwellers.”
Both Moscow and St Petersburg saw significant rises in living costs following the invasion of Ukraine.
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